Relative to life insurance companies, the liabilities of property and casualty insurance companies are
A) longer-term.
B) more unpredictable.
C) less risky.
D) subject to higher taxes.
B
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
In economic models of the public sector, the median voter model presents an extreme view of the way that the public sector allocates resources
a. True b. False
Which of the following is a common mistake consumers commit when they make decisions?
A) They take into account nonmonetary opportunity costs but ignore monetary costs. B) They are overly pessimistic about their future behavior. C) They fail to ignore sunk costs. D) They sometimes value fairness too much.
When modeling consumer choice, the price ratio of the two products is the:
A. demand for the two products. B. equilibrium exchange rate. C. point of tangency for equilibrium. D. slope of the budget line.